After nearly 30 years of enforcement, the Petroleum Law now needs revisions to be in line with international practices and Vietnam’s energy development strategy and create momentum for the oil and gas industry’s development.
Members of the Vietnam Automobile Manufacturers’ Association (VAMA) will roll out various new models meeting the Euro 5 emissions standard, according to the association.
Authorities want to maintain the petrol price stabilisation fund as a tool to keep retail prices stable and give them the ability to intervene in the market when necessary.
The Vietnam Petroleum Association (VINPA) has proposed to establish commercial barriers to protect local firms once import duties on fuel products are gradually reduced to zero percent.
Special consumption tax must be adjusted to avoid a serious budget deficit when fuel import tax is cut in line with various trade agreements Vietnam has signed.
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